"This was the fourth monthly contraction in five months and was led by a drop in output from both the services and goods sector, it said. An advance indicator suggested that the monthly GDP would likely expand by 0.1 per cent in September, taking the total annualized growth of the third quarter to 0.4 per cent, missing Bank of Canada's forecast."
"Tariffs continue to hammer the economy Canada's GDP had shrank in the second quarter by 1.6 per cent as the impact of tariffs on steel, cars, lumber and aluminum and general trade uncertainty reduced exports and hurt growth. The Bank of Canada said this week that the third quarter annualized GDP was likely to be 0.5 per cent. The manufacturing sector, which is the hardest hit due to U.S. tariffs and accounts for almost a tenth of the GDP,"
Canada's economy contracted 0.3 per cent in August after a revised 0.3 per cent increase in July, effectively offsetting growth earlier in the quarter. August represented the fourth monthly contraction in five months, with declines across both services and goods output. An advance indicator suggested monthly GDP could rise 0.1 per cent in September, which would put third-quarter annualized growth near 0.4 per cent, below the Bank of Canada's 0.5 per cent estimate. The advance estimate is based on industrial output and may change; StatsCan will publish an annualized quarterly GDP based on income and expenditure. Tariffs and trade uncertainty weighed on Q2 GDP, with manufacturing down 0.5 per cent and mining, quarrying and oil and gas extraction down 0.7 per cent in August.
Read at www.cbc.ca
Unable to calculate read time
Collection
[
|
...
]